On Thu, 10 Apr 2003, Russell Turpin wrote:
> The lower and middle income tax brackets won't get a 50% raise, because
> their effective tax rate is far less than 33%. They will be trading a 7%
> raise or a 12% raise against a 23% sales tax. Even among the upper
> income brackets, you're confusing the marginal rate with the effective
> rate.
The lowest you can get is 7.65% FICA + 15% Fed = 22.65%. That would be a 33%
raise by your counting. Plus some state taxes of course. In MN for example
the lowest you can get is 28% overall, plus 6.5% sales tax of course.
That's COMPLETELY ignoring all the writeoffs, personal loopholes, corprate
loopholes, tax shelters etc. So if you're making enough to have a vote on
how taxes are done, you aren't currently paying more then sales tax now.
So, the current system is best, loopholes for all that can afford an
accountant, tax for everyone else :)
In summary:
-----------
Now:
Poor: 22.65%+
Rich: 7.65% or less, usually much less.
FairTax:
Poor: 23%?
Rich: 23%?!!!... No !@#$ way.
I'm 100% opposed to changing the system in any way, I like it very much just
the way it is. I like even more that we push a few hundreds of billions onto
future taxpayers every year too, that's just brilliant.
You are keeping your savings in Euros right?
- Adam L. Beberg - beberg at mithral.comhttp://www.mithral.com/~beberg/